Investor's Corner
Elon Musk’s post as Tesla’s chairman is on the line at 2018 shareholders meeting
Tesla (NASDAQ:TSLA) is set to hold its 2018 Annual Shareholders Meeting at the Computer History Museum in Mountain View, CA on Tuesday. During the event, which is set to begin at 2:30 p.m. PST, shareholders are expected to hold a vote on a number of executive decisions that can affect the course of the company, including Elon Musk’s position as chairman of Tesla’s board.
Back in April, Tesla shareholder Jing Zhao, who owns 12 shares of the company’s common stock, submitted a proposal to remove and replace Musk as chairman. Musk had been serving as chairman of Tesla’s board for 14 years, starting his tenure in the position back in 2004. According to Zhao’s proposal, having Musk serve as both chairman and CEO at the same time would not be effective for the company as it begins to wade into far more competitive markets. The Tesla shareholder also cited Musk’s involvement with SpaceX and The Boring Company as potential sources of “conflicts” down the road.
Zhao’s proposal got support from proxy advisers Institutional Shareholder Services (ISS) and Glass Lewis. The two agencies also supported the Union-affiliated investment adviser CtW Investment Group’s initiative, which called for the removal of three Tesla board members — Antonio Gracias, James Murdoch, and Kimbal Musk — in the upcoming shareholders meeting over their lack of relevant experience.
Elon Musk, however, might have some powerful supporters when the vote does happen on Tuesday. In a statement to Reuters, Morningstar analyst David Whiston noted that the chances of Musk being voted out of his chairman’s position are rather slim, considering that Tesla’s big investors are fully supporting the serial tech entrepreneur.
“I doubt they would vote against Elon because if you don’t believe in Elon, why are you in the stock?” he said.
One of Tesla’s Top 20 investors echoed the Morningstar analyst’s prediction. Speaking to the publication, the shareholder noted that they are “making a bet” on Elon Musk. The investor also compared Musk to past visionaries in the tech industry, such as Apple’s Steve Jobs.
“We’re making a bet on Elon Musk. These people are geniuses. You either believe in him or you don’t,” the investor said.
Ultimately, the results of Tuesday’s votation might be determined by the votes cast by funds run by T. Rowe Price Group and Fidelity Investments, both of which could be considered as wild cards among Tesla’s investors. T. Rowe Price owned about 9% of Tesla stock as of the end of March, while Fidelity Investments commanded 8%, making them two of Tesla’s biggest shareholders. A vote from these firms supporting or objecting to Musk’s removal from his chairman post could sway the decision either way.
Musk debuted the production ready Model 3 on June 28 and handed over the first 30 vehicles.
Tesla’s is currently taking on its biggest challenge to date — mass-producing the Model 3, its most disruptive vehicle yet. The compact electric car has had multiple setbacks over the past few quarters, but developments over the past month have been encouraging. Tesla, for one, has maintained its goal of producing the 5,000 Model 3 per week by the end of Q2 2018. Orders for the dual-motor AWD and Performance Model 3 have also been opened for reservation holders.
The company has also registered more than 18,000 new Model 3 VINs in May, a feat that took Tesla until March 2018 to accomplish. A leaked email from Elon Musk also revealed that Tesla has been producing a consistent rate of 500 Model 3 per day, or 3,500 vehicles per week. Lastly, reports at the end of May suggested that Tesla had flown in six airplanes’ worth of new robots and equipment from Europe in order to help address bottlenecks at Gigafactory 1.
Tesla shares are down 15% over the past 12 months, contrasting with the S&P 500 index, which has gained 12% and the Dow Jones Industrial Average, which has gained 16% during the same period.
As of writing, Tesla stock is trading up 1.55% at $296.35 per share.
Elon Musk
SpaceX just filed for the IPO everyone was waiting for
SpaceX filed its public S-1, revealing $18.7 billion in revenue and billions in losses.
SpaceX publicly filed its S-1 registration statement with the Securities and Exchange Commission on May 20, 2026, making its financial details available to the public for the first time ahead of what could be the largest IPO in history.
An S-1 is the formal document a company must submit to the SEC before going public. It includes audited financials, risk factors, business descriptions, and how the company plans to use the money it raises. Companies are required to file one before selling shares to the public, and it must be published at least 15 days before the investor roadshow begins. SpaceX had already submitted a confidential draft to the SEC in April, which allowed regulators to review the filing privately before it went public.
The S-1 reveals that SpaceX generated $18.7 billion in consolidated revenue in 2025, driven largely by its Starlink satellite internet division, which posted $11.4 billion in revenue, growing nearly 50% year over year. Despite that growth, the company lost about $4.9 billion in 2025 and has burned through more than $37 billion since its founding.
SpaceX just forced Verizon, AT&T and T-Mobile to team up for the first time in history
A significant portion of those losses trace back to xAI, Elon Musk’s artificial intelligence company, which was recently merged into SpaceX. SpaceX directed roughly 60% of its capital spending in 2025 to its AI division, totaling around $20 billion, yet that division lost billions and grew revenue by only about 22%.
SpaceX plans to list its Class A common stock on Nasdaq under the ticker SPCX, with Goldman Sachs, Morgan Stanley, and Bank of America leading the offering. The dual-class share structure means going public will not meaningfully reduce Musk’s control, as Class B shares he holds carry 10 votes per share compared to one vote for public Class A shares.
The company is targeting a raise of around $75 billion at a valuation of roughly $1.75 trillion, which would make it the largest IPO ever. The investor roadshow is reportedly planned for June 5.
Elon Musk
Tesla ditches India after years of broken promises
Tesla has ditched its plans to build a factory in India after years of failed negotiations.
Tesla’s long-running effort to establish a manufacturing presence in India is officially over. India’s Minister of Heavy Industries H.D. Kumaraswamy confirmed on May 19, 2026 that Tesla has informed authorities it will not proceed with a manufacturing facility in the country.
Tesla first signaled serious interest in India around 2021, when it began hiring local staff and lobbying the Indian government for lower import tariffs. The ask was straightforward: reduce duties enough for Tesla to test the market with imported vehicles before committing capital to a local factory. India’s position was equally firm, with an ask of Tesla to commit to manufacturing first, then receive tariff relief. Neither side moved, and the talks quietly collapsed.
Tesla to open first India experience center in Mumbai on July 15
India had offered a policy that would reduce import duties from 110% down to 15% on EVs priced above $35,000, provided companies committed at least $500 million toward local manufacturing investment within three years. Tesla declined to participate. The tariff standoff was only part of the problem. Analysts pointed to significant gaps in India’s local supply chain, inadequate industrial infrastructure, and a mismatch between Tesla’s premium pricing and the purchasing power of India’s automotive market as additional factors that made the investment difficult to justify.
First signs of an unraveling relationship came in April 2024, when Musk abruptly cancelled a planned trip to India where he was set to meet Prime Minister Modi and announce Tesla’s market entry. By July 2024, Fortune reported that Tesla executives had stopped contacting Indian government officials entirely. The government at that point understood Tesla had capital constraints and no plans to invest.
The more fundamental issue is that Tesla’s existing factories are currently operating at approximately 60% capacity, making a commitment to building new manufacturing capacity in a new market difficult to defend to investors. Tesla will continue selling imported Model Y vehicles through its existing showrooms in Mumbai, Delhi, Gurugram, and Bengaluru, but local production is no longer part of the plan.
Elon Musk
SpaceX just forced Verizon, AT&T and T-Mobile to team up for the first time in history
AT&T, T-Mobile, and Verizon just joined forces for one reason: Starlink is winning.
America’s three largest wireless carriers, AT&T, T-Mobile, and Verizon, announced on On May 14, 2026 that they had agreed in principle to form a joint venture aimed at pooling their spectrum resources to expand satellite-based direct-to-device (D2D) connectivity across the United States in what can be seen as a direct response to SpaceX’s Starlink initiative. D2D, in plain terms, is technology that lets a standard smartphone connect directly to a satellite in orbit, the same way it connects to a cell tower, with no extra hardware required.
The alliance is widely seen as a means to slow Starlink’s rapid expansion in the satellite internet and mobile markets. SpaceX’s Starlink Mobile service launched commercially in July 2025 through a partnership with T-Mobile, starting with messaging before expanding to broadband data. SpaceX secured access to valuable wireless spectrum through its $17 billion deal with EchoStar, paving the way for significantly faster satellite-to-phone speeds.
SpaceX was not shy about its reaction. SpaceX president and COO Gwynne Shotwell responded on X: “Weeeelllll, I guess Starlink Mobile is doing something right! It’s David and Goliath (X3) all over again — I’m bettin’ on David.” SpaceX’s VP of Satellite Policy David Goldman went further, flagging potential antitrust concerns and asking whether the DOJ would even allow three dominant competitors to coordinate in a market where a new rival is actively entering.
Weeeelllll, I guess @Starlink Mobile is doing something right! It’s David and Goliath (X3) all over again — I’m bettin’ on David 🙂 https://t.co/5GzS752mxL
— Gwynne Shotwell (@Gwynne_Shotwell) May 14, 2026
Financial analysts at LightShed Partners were blunt, saying the announcement showed the three carriers are “nervous,” and pointed to the timing: “You announce an agreement in principle when the point is the announcement, not the deal. The timing, weeks ahead of the SpaceX roadshow, was the point.”
As Teslarati reported, SpaceX’s next generation Starlink V2 satellites will deliver up to 100 times the data density of the current system, with custom silicon and phased array antennas enabling around 20 times the throughput of the first generation. The carriers’ JV, which has no definitive agreement, no financial structure, and no deployment timeline yet, will need to move quickly to matter.
Elon Musk’s SpaceX is targeting a Nasdaq listing as early as June 12, aiming for what would be the largest IPO in history. With Starlink now serving over 9 million subscribers across 155 countries, holding 59 carrier partnerships globally, and now powering Air Force One, the carriers’ joint venture announcement landed at exactly the wrong time to look like anything other than a defensive move.
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